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HomeMy WebLinkAboutBRU 88 001 borrowing by-law . . 13684 / 1 14A (Ontario) Municipal BorrowIng Current Expenditure By-Law Insert amount to be authori2ed by this By-law only_ Delete "next preceding" if estimates for current year adopted. BY-LAW NO. 88-1 Municipal Corporation of the of 'l'ownship Bruce A BY-LAW to authorize the borrowing of $ 900.000.00 WHEREAS pursuant to Section ~f The Municipal Act the Council of the Corporation deems it necessary to borrow monies from time to time to meet, until the taxes are collected, the current expenditures for the year 19 ---ª-ª- (hereinafter called "the year"). AND WHEREAS pu"uant to the authority of this by-law the amount that may be borrowed at any one1ime, together with the total of any similar borrowings that have not been repaid. shall not exceed the sumof$ 900,000.00 AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the estimated adopted for the (next preceding) year, not including revenues derivable or derived from the sale of assets, borrowings or issues of debentures or from surplus including proceeds from the sale of assets is $ 1,720,000.00 AND WHEREAS the amount of uncollected revenues of the Corporation for the year based on the estimated revenues for the (next preceding) year is, $ 1.720.000 _ 00 I l"","" AND WHEREAS 70% of such uncollected revenues, less the amount of similar borrowings which are still unpaid, is $ 900,000.00 "'''1 ~. THEREFORE the Council of the Corporation of the Township Bruce hereby enacts as follows: of 1. ,That the Head and Treasurer are hereby authorized on behalf of the Corporation to borrow monies from time to time, by way of promissory note, from The Toronto-Dominion Bank, necessary to meet, until the taxes are collected, the current expenditures of the Corporation for the year, provided that the amount that may be borrowed at anyone time, together with the total of -any similar borrowings that have not been re- paid, shall not exceed the sum of Nine Hundred Thousand Dollars and to 9ive, on behalf of the Corporation. to the said Bank a promissory note or notes, sealed with the' corporate seal and signed by the Head and Treasurer for the monies so borrowed with interest at the Bank's prime interest rate which rate shall be as notified by the Bank to the Treasurer from time to time. ? All sums borrowed pursuant to the authority of this By-Law as well as all other sums borrowed in the year and all preceding years from the said Bank to meet current expenditures of the Corporation shall, with interest thereon, be a charge upon the whole of the revenues of the Corporation for the year and for all preceding years as and when such revenues are received. 3. The Treasurer is hereby authorized and directed to appiy in payment of all sums borrowed as aforesaid, together with interest thereon, all of the monies hereafter collected or received either on account or realized in respect of the taxes levied for the, year and preceding years, or from any other source, which may lawfully be applied for such purpose. f'lNALL Y PASSED this SIXTH day of JANUARY .19 88, ~ ~ ~""- (The Head of the ~oration ~~?~. .~ --. _ ~-_~,~2 ---~ < :~ ~ 'COÎtP:. -:'" ,: _-- . SE/"L ~ _'....';'